As stated Sunny Day Real Estate previously Fitch believes

As stated surmises previously, Fitch maureen mcgovern understand believes the elimination of the PLA wouldlikely result in default of Univision's debt obligations as Univision wouldlikely be unable to service its interest expense without the revenues generatedfrom the programming supplied by Televisa. While there are other contentalternatives for Univision to access besides Televisa (Venevision, RCN, BuenaVista, Univision produced content, etc.) there could be significant differencesin rate cards and programming costs versus existing arrangements. If the jury finds in favor of Televisa and Univision appeals, Fitch would likelyplace all of Univision's ratings on Rating Watch Negative depending on thespecific nature of the verdict. If Univision were to ultimately lose on appeal,Fitch would likely downgrade its Issuer Default Rating (IDR) to 'CCC' or below,representing that default of some kind would be either a real possibility orprobable. Other issues that would be taken into account at that time wouldinclude the sustainable level of re-transmission fees, prospects of newprogramming, and interest rates on Univision's $7 billion term loan (swaps withhigher than current market rates roll off late 2009 and early 2010). Aside from the trial, Fitch believes Univision has several other obstacles overthe intermediate term. These include the second-lien loan due March 2009, cashinterest payments during the economic downturn, term loan principal amortizationpayments that begin in 2010, covenant step-downs, and $500 million of seniornotes that mature in 2011.

In Fitch's view, Univision should be able to meet allof these obligations . The PIK option on its 9.75% senior notes should provideadditional liquidity if needed for any of these issues nate mendel . A PIK election would notbe a negative rating factor due to Fitch's expectations that Univision'slong-term growth prospects (assuming no adverse ruling in the Televisa case)should be able to offset any accreted leverage sunny day real state . The ratings and Outlook are at the low end of their category maureen mcgovern . The ratings arerestrained from a highly leveraged capital structure and a very limited marginof safety that is extremely susceptible to even a moderate downturn inadvertising spending. Despite all debt maturing prior to the expiration of thePLA, current ratings take into account re-financing risk in the event thatUnivision and Televisa are unable to come to agreement on a longer termprogramming license. The ratings are supported by Univision's underlyingportfolio of assets which include duopoly television and radio stations in mostof the top Hispanic markets, with a national overlay of broadcast and cablenetworks.

Fitch rates Univision as follows: --IDR 'B'; --Senior secured 'B+'; --Second-lien loan 'B-'; --Senior unsecured 'CCC+' The Rating Outlook is Stable . For more information see Fitch's full rating report on Univision dated July 29,2008 at Fitch's rating definitions and the terms of use of such ratings are available onthe agency's public site, Published ratings, criteria andmethodologies are available from this site, at all times nate mendel . Fitch's code ofconduct, confidentiality, conflicts of interest, affiliate firewall, complianceand other relevant policies and procedures are also available from the 'Code ofConduct' section of this site sunny day real state . Fitch RatingsJamie Rizzo, CFA, +1-212-908-0548 (New York)Mike Simonton, CFA, +1-312-368-3138 (Chicago)Media RelationsCindy Stoller, +1-212-908-0526 (New York)Copyright Business Wire 2009 maureen mcgovern . Ever since I received an invitation to the groundbreaking ceremony for the Colorado Rockies and Arizona Diamondbacks Spring Training Facility in Scottsdale, I had been counting down the days, hours, and minutes until the day the ceremony would arrive.My friend Andre and I planned to go to the groundbreaking ceremony, much to the chagrin of my daughter Tiffany.

In an effort to help maintain my status as a good father, the Diamondbacks graciously gave me another ticket for my daughter to attend as well.I was up early, well before daylight Sleep was the furthest thing from my mind . I laid in bed until I could not stand it any longer, and I got up and showered nate mendel . I stood in my closet surveying my wardrobe wondering what one wears to a groundbreaking ceremony? On the one hand I would be mingling with local dignitaries and celebrities sunny day real state . On the other, there was dirt to be tossed and wheelbarrows to push, and I know how much Trina hates me to play in the dirt in my Sunday church clothes.After stressing out about this for longer than I should, I decided to wear a Diamondbacks polo shirt under a Diamondbacks sweatshirt and my Diamondbacks jacket . I once again lamented to my wife the fact that I have yet to find Diamondbacks underwear (a situation for which she is very grateful).The ceremony was to begin at 11 a.m By 9 a.m I was pacing the floor, willing the clock to move faster. Finally, by 9:30 a.m., I could not stand it any longer and left the house with my daughter and two cameras to record the events.We picked Andre up along the way and drove to the Pavillions shopping center in Scottsdale.